292 Mill St · Poughkeepsie, NY 12601

$459,000

2 bd · 3.0 ba · 2,268 sqft · MultiFamily · 142 Days on market

Built 1910 Good condition 871 sqft lot $202/sqft · 29% below area Est $645k · 29% under ↓ 8% since listing

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +10.5/30.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Schools +3.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Exceptional mixed-use investment opportunity in the heart of downtown Poughkeepsie! This well-maintained brick building offers classic character paired with smart, low-maintenance ownership. Situated on a highly visible corner, the property blends residential income with prime commercial potential perfect for investors or owner-operators looking to plant roots in one of the Hudson Valley’s fastest-growing markets. The building is in pristine condition and features two residential units along with a spacious ground-level commercial storefront ready for a new or expanding business. The residential apartments provide steady rental income, while the vacant commercial space opens the door for additional revenue or personal business use. Solid brick construction, efficient systems, and minimal exterior upkeep make this a truly turnkey, low-maintenance asset. Location is everything, and this property delivers. Just minutes from the Metro-North Railroad Poughkeepsie Train Station, commuting to New York City is simple and convenient. Residents and customers alike will love being close to major downtown attractions including the historic Bardavon Opera House, the scenic Walkway Over the Hudson, waterfront dining, breweries, shops, and year-round entertainment. Nearby hotels such as the DoubleTree by Hilton bringing consistent visitor traffic to the area, supporting strong foot flow for local businesses. Downtown Poughkeepsie continues to see revitalization and investment, making this an ideal time to secure a property that offers immediate income, future upside, and long-term stability. Whether you’re expanding your portfolio or launching a new venture, this standout brick building checks every box: location, condition, versatility, and income potential.

Key facts

• Corner brick
• Mixed use property
• Built 1910

Tags

• CORNER BRICK
• MIXED USE PROPERTY
• DOWNTOWN POUGHKEEPSIE
• WELL MAINTAINED BUILDING
• LARGE VACANT COMMERCIAL SPACE
• READY FOR A NEW BUSINESS

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath multifamily listed at $459k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-239 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $424k (7.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $371k (19.1% below list).
• Recommended offer: $371k (19.1% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.4% in Poughkeepsie — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#165 in NY, #2,577 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: employment D+, crime F.
• Poughkeepsie City School District (suburban): math 29% / reading 42% proficiency, ranked #559 of 590 in NY (top 95%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Poughkeepsie Middle School (math 8% / reading 37%, grade F, #650 of 729 statewide, top 90%, 877 students, 82% FRL); Poughkeepsie High School (math 59% / reading 67%, grade B-, #819 of 1,100 statewide, top 74%, 1,165 students, 74% FRL).
• Market conditions: Rents rising (+3.7%/yr); 195 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 620 units permitted in Dutchess County in 2024 (242 in 5+ unit buildings).
• At $3,713/mo this rent would consume 70% of the median local household income ($64k/yr) (locally 2891% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Dutchess County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($404k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask is 31555% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $371,300 (19.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 142 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 5.67%
• Cash-on-cash: -2.23%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (median comp): $645,182
• List price: $459,000
• Delta: -28.86%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25 Carroll St #25	0.47mi	2/3.0	2,100 (-7%)	1mo	$460,000	$219	65

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.67% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.32×
• Total profit: $-87,010
• Equity at exit: $68,438

10-year hold

• IRR: -10.5%
• Equity multiple: 0.34×
• Total profit: $-84,640
• Equity at exit: $39,686

Cash invested: $128,520 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12601

• Rents YoY: 3.7%
• Active inventory: 195
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $3,713 high
• Mortgage (P&I): −$2,407
• Tax est. 1.5%: −$574 /mo · $6,885/yr
• Insurance: −$191
• HOA: −$0
• Vacancy / Maint / Mgmt: −$780
• Net cashflow: $-239

Break-even live

Break-even rent $4,015

Max offer price $424,449

Occupancy floor —

Sensitivity live

Price	-10% $78	-5% $-80	+0% $-239	+5% $-397	+10% $-556
Rent	-10% $-532	-5% $-385	+0% $-239	+5% $-92	+10% $55
Rate	-1.0pp $-8	-0.5pp $-122	base $-239	+0.5pp $-358	+1.0pp $-479

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,714
Total (2 units)			$3,713

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $114,750
• Closing costs: $13,770
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
337 Main St Unit 2F Poughkeepsie, NY	2.0	2.0	1820	$2,100	$1.15	45d	1	0.13mi
9 Grand St Unit 2 Poughkeepsie, NY	2.0	1.0	1744	$1,750	$1.00	45d	1	0.28mi
16 Mansion St Poughkeepsie, NY	2.0	1.0	2192	$1,900	$0.87	25d	1	0.30mi
236 Mansion St #2 Poughkeepsie, NY	3.0	1.0	2076	$2,600	$1.25	45d	1	0.41mi
15 Taylor Ave Poughkeepsie, NY	2.0	1.0	2248	$2,000	$0.89	25d	1	0.53mi
155 N Clinton St Unit 1 Poughkeepsie, NY	2.0	1.0	1960	$2,500	$1.28	45d	1	0.56mi
33 Virginia Ave Unit 33 Poughkeepsie, NY	1.0	1.0	2800	$1,700	$0.61	45d	1	0.62mi
15 Forbus St Poughkeepsie, NY	3.0	1.0	2140	$2,500	$1.17	25d	1	0.67mi
1 Dean Pl Poughkeepsie, NY	3.0	2.5	1700	$4,000	$2.35	16d	1	0.78mi
9 Ultra Way Poughkeepsie, NY	2.0	2.5	1545	$2,595	$1.68	16d	2	1.14mi
32 Salt Point Tpke Poughkeepsie, NY	3.0	2.5	1761	$3,000	$1.70	23d	1	1.22mi
50 Crestwood Blvd Poughkeepsie, NY	3.0	2.0	1600	$2,595	$1.62	16d	1	1.40mi

Listing history 22 events

1. 2026-06-21
   days on market $459,000 Active 142 DOM
2. 2026-06-18
   days on market $459,000 Active 139 DOM
3. 2026-06-17
   days on market $459,000 Active 138 DOM
4. 2026-06-16
   days on market $459,000 Active 137 DOM
5. 2026-06-15
   days on market $459,000 Active 136 DOM
6. 2026-06-14
   days on market $459,000 Active 134 DOM
7. 2026-06-10
   days on market $459,000 Active 131 DOM
8. 2026-06-09
   days on market $459,000 Active 130 DOM
9. 2026-06-08
   days on market $459,000 Active 129 DOM
10. 2026-06-07
    days on market $459,000 Active 128 DOM
11. 2026-06-05
    days on market $459,000 Active 125 DOM
12. 2026-06-03
    days on market $459,000 Active 124 DOM
13. 2026-06-02
    days on market $459,000 Active 123 DOM
14. 2026-06-01
    days on market $459,000 Active 122 DOM
15. 2026-05-31
    days on market $459,000 Active 121 DOM
16. 2026-05-30
    days on market $459,000 Active 120 DOM
17. 2026-05-20
    price $459,000 1787-char remark

    Show marketing remark (1787 chars)

    Exceptional mixed-use investment opportunity in the heart of downtown Poughkeepsie! This well-maintained brick building offers classic character paired with smart, low-maintenance ownership. Situated on a highly visible corner, the property blends residential income with prime commercial potential perfect for investors or owner-operators looking to plant roots in one of the Hudson Valley’s fastest-growing markets. The building is in pristine condition and features two residential units along with a spacious ground-level commercial storefront ready for a new or expanding business. The residential apartments provide steady rental income, while the vacant commercial space opens the door for additional revenue or personal business use. Solid brick construction, efficient systems, and minimal exterior upkeep make this a truly turnkey, low-maintenance asset. Location is everything, and this property delivers. Just minutes from the Metro-North Railroad Poughkeepsie Train Station, commuting to New York City is simple and convenient. Residents and customers alike will love being close to major downtown attractions including the historic Bardavon Opera House, the scenic Walkway Over the Hudson, waterfront dining, breweries, shops, and year-round entertainment. Nearby hotels such as the DoubleTree by Hilton bringing consistent visitor traffic to the area, supporting strong foot flow for local businesses. Downtown Poughkeepsie continues to see revitalization and investment, making this an ideal time to secure a property that offers immediate income, future upside, and long-term stability. Whether you’re expanding your portfolio or launching a new venture, this standout brick building checks every box: location, condition, versatility, and income potential.

18. 2026-05-10
    price $1,400
19. 2026-04-23
    listed $1,450
20. 2026-01-30
    listed $475,000 Active 1787-char remark

    Show marketing remark (1787 chars)

    Exceptional mixed-use investment opportunity in the heart of downtown Poughkeepsie! This well-maintained brick building offers classic character paired with smart, low-maintenance ownership. Situated on a highly visible corner, the property blends residential income with prime commercial potential perfect for investors or owner-operators looking to plant roots in one of the Hudson Valley’s fastest-growing markets. The building is in pristine condition and features two residential units along with a spacious ground-level commercial storefront ready for a new or expanding business. The residential apartments provide steady rental income, while the vacant commercial space opens the door for additional revenue or personal business use. Solid brick construction, efficient systems, and minimal exterior upkeep make this a truly turnkey, low-maintenance asset. Location is everything, and this property delivers. Just minutes from the Metro-North Railroad Poughkeepsie Train Station, commuting to New York City is simple and convenient. Residents and customers alike will love being close to major downtown attractions including the historic Bardavon Opera House, the scenic Walkway Over the Hudson, waterfront dining, breweries, shops, and year-round entertainment. Nearby hotels such as the DoubleTree by Hilton bringing consistent visitor traffic to the area, supporting strong foot flow for local businesses. Downtown Poughkeepsie continues to see revitalization and investment, making this an ideal time to secure a property that offers immediate income, future upside, and long-term stability. Whether you’re expanding your portfolio or launching a new venture, this standout brick building checks every box: location, condition, versatility, and income potential.

21. 2025-07-01
    historical
22. 2024-12-11
    listed $499,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $44,556
• − Mortgage interest: −$25,711
• − Property taxes: −$6,885
• − Insurance: −$2,295
• − Repairs & maintenance: −$3,564
• − Management: −$3,564
• − Depreciation: −$13,353
• Taxable loss: −$10,817
• Est. tax savings @ 24.0%: +$2,596
• After-tax cash flow: $-269/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained multi-family property in Poughkeepsie offers classic character and low-maintenance ownership. The property is in good condition with minimal repairs needed, making it an excellent investment opportunity.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Deep clean interior — Prepares the property for showings and potential buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Deep clean interior — Prepares the property for showings and potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Poughkeepsie City School District
• NCES district ID: 3623760
• Math proficiency: 29% ▲ 5.00%
• Reading proficiency: 42% ▲ 12.00%
• Median HH income: $39,159
• Composite: 29.68/100
• National rank: #6459
• State rank: #559 of 590 in NY

Livability — Poughkeepsie

• Score: 78/100
• State rank: #165
• US rank: #2577

Category grades

Amenities B Commute A+ Cost of living C Crime F Employment D+ Housing A- Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Poughkeepsie, NY
• County: Dutchess County · 188,048 people
• City population: 86,468
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• Population (ZIP): 44,164
• Household income: $63,652
• Rent vs Own: 56.8% rent · 43.2% own
• Severe rent burden: 2891.0

Population outlook (Dutchess County) Hauer SSP2

• Today (2025): 291,768 people
• By 2030: 287,131 · -1.6%
• By 2040: 274,881 · -5.8%
• By 2050: 259,971 · -10.9%
• By 2075: 235,366 · -19.3%
• By 2100: 208,786 · -28.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 44% Black 24% Hispanic / Latino 22% Two or more races 17% Asian 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 5% Dominican 1%
• Common ancestry: Romanian 3% Iranian 1% Lithuanian 1%
• Foreign-born: 19% · Canada, China
• Languages at home: 79% English-only · Spanish 15% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Dutchess

• 2024 margin: Lean D (+5.4) · D 52.7% · R 47.3%
• 2008→2024 swing: -3.2pp toward R · 2008: 8.6pp · 2024: 5.4pp
• All cycles: 2024: D+5.4 2020: D+9.6 2016: R+1.1 2012: D+6.6 2008: D+8.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -210.62%
• Current HPI: 293.9789
• Rent YoY: ▲ 3.67%
• Metro: Poughkeepsie-Newburgh-Middletown, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-8.0% since first listed

6 events — show timeline

• 2026-05-20 Price Changed $459,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-10 Price Changed $1,400 BUILDIUM
• 2026-04-23 Listed for Rent $1,450 BUILDIUM
• 2026-01-30 Listed $475,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-12-11 Listed $499,000 OneKey® MLS as Distributed by MLS Grid